EURUSD is facing bearish pressure, potential for further downside!

analytics6024ab31126cc.jpg

Price is facing bearish pressure as it broke below the ascending trendline and 21 EMA. Price is also facing resistance from 1st resistance level where it coincides with 78.6% fibonacci retracement and 61.8% fibonacci extension. We could potentially see a drop of price towards 1st support at 1.20573 level where it coincides with 100% fibonacci extension and 78.6% fibonacci retracement.

Trading Recommendation

Entry: 1.21441

Reason for Entry:

61.8% fibonacci extension, 78.6% fibonacci retracement, horizontal swing high resistance

Take Profit: 1.20594

Reason for Take Profit:

100% fibonacci extension, 78.6% fibonacci retracement, horizontal swing low support

Stop Loss: 1.22216

Reason for Stop Loss:

100% fibonacci extension and 127.2% fibonacci retracement confluence zone

The material has been provided by InstaForex Company - www.instaforex.com

Pages